IEPPE Exam Dumps : Internationally Educated Professional Practice Exam

Amistake of lawgenerallydoes not allow a contract to be set aside, becauseparties are expected to know the law.

Step-by-Step Explanation:

Types of Mistakes in Contracts:

Mistake of fact– Canvoid a contractif fundamental.

Mistake of law–Does not usually void a contract.

Why Option B Is Correct:

Courts assume thatindividuals understand the law before signing a contract.

Why Other Options Are Incorrect:

A, C, D – Mistakes of factcan void contracts.

Misuse ofconfidential company or client information on social mediais aserious breach of professional ethics and workplace policies. It can lead totermination, legal action, and loss of professional certification.

Step-by-Step Explanation:

Why Confidential Information Must Be Protected:

Many companies havenon-disclosure agreements (NDAs)requiring employees tokeep sensitive data private.

Leaking financial reports, trade secrets, or client dataon social media can causefinancial losses and legal liability.

Examples of Confidential Information:

Engineering firms: Postingdesign plans or blueprintsof an upcoming infrastructure project.

Technology companies: Sharingsource code or unreleased product details.

Government contracts: Disclosingconfidential project discussions.

Why Option C Is Correct:

Unauthorized disclosure of sensitive information is the most serious offense.

Employers can terminate employees immediatelyfor violating confidentiality agreements.

Why Other Options Are Incorrect:

A (Posting a compliment)–Positive comments are not a violationunless they include sensitive details.

B (Picture of colleagues at a bar)–Might be unprofessional but unlikely to result in termination.

D (Posting family photos during work time)– May violateinternet usage policies, butnot a fireable offense.

Awidely-held corporationis a company whose shares arepublicly traded on a stock exchangeand areavailable for purchase by the general public.

Step-by-Step Explanation:

Definition of a Widely-Held Corporation:

A corporation withmany shareholders.

Shares arepublicly traded on stock exchanges(e.g., TSX, NYSE).

Characteristics:

Subject tosecurities regulationsto protect investors.

More transparency requiredin financial reporting.

Why Option B Is Correct:

Key feature: Shares can bebought and sold on a designated exchange.

Why Other Options Are Incorrect:

A (Many shareholders)– Not all large companies are publicly traded.

C (Shares not available to public)– Describes aprivately-held corporation.

D (Few shareholders)– Applies toclosely-held corporations.